SUSTAINABLE ENTREPRENEURSHIP: A CATALYST FOR POVERTY ERADICATION AND ECONOMIC DEVELOPMENT

Published: 14 February 2024| Version 1 | DOI: 10.17632/v8n9jh6vwr.1
Contributor:
Md Siddique Hossain Md Siddique Hossain

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Abstract : The United Nations' 17 Sustainable Development Goals (SDGs), approved in 2015, include major objectives such as eliminating extreme poverty, ensuring universal access to enough and nutritious food by 2030, and promoting sustainable industry. The promotion of sustainable entrepreneurial development will greatly contribute to the attainment of these objectives. The primary objective of the research is to identify the components of sustainable entrepreneurship and formulate a novel framework for it. Additionally, the study aims to analyse the connections between (a) the development of entrepreneurship and the state of poverty, and (b) the sustainable development movement and increased economic growth. This study is a combination of conceptual and descriptive elements, and it relies on secondary data. In addition to reports from organisations such as the World Economic Forum, United Nations, World Bank, FAO, and media, research articles published in journals have also been taken into account. A Spearman correlation test is used to determine the association between variables. There is a little negative correlation between entrepreneurial development and poverty levels, whereas there is a modestly favourable correlation between the sustainable development movement and faster economic growth. The results would provide insight into the current understanding of sustainable entrepreneurship and its contribution to the attainment of the Sustainable Development Goals (SDGs). The current research introduces a revised model of sustainable business that aligns with the SDGs, building upon the work of several experts. Keywords: sustainable entrepreneurship, sustainable development, economic growth, poverty reduction, SDG 1. Introduction: Entrepreneurship development has long been a focal point for policymakers and scholars, who have associated it with the production of wealth, job opportunities, empowerment of women, and economic progress. The concept of many types of entrepreneurship, such as social entrepreneurship, green entrepreneurship, and eco-entrepreneurship, also originated in the literature on entrepreneurship in the 1980s and 1990s. Subsequently, several categories of business endeavours have been rapidly increasing in popularity. Nevertheless, the issues pertaining to poverty, hunger, unemployment, inequality, and the absence of suitable job opportunities have yet to be resolved. The prevalence of harmful entrepreneurship, often linked to white-collar crimes, is becoming more noticeable in contemporary times (Chanu, 2014). This kind of economic progress engenders illicit affluence and exacerbates societal disparities. Moreover, the COVID-19 epidemic has precipitated the descent of hundreds of millions into abject destitution and persistent malnutrition (Sustainable Development Goals Report, 2021). The problems of pollution resulting from fast and unsustainable industrialization, coupled with inadequate creative waste management .....

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Conclusion : Defining sustainable entrepreneurship is a challenging endeavour. It includes several aspects. This study examines five characteristics of sustainable entrepreneurship. The author contends that the sustainable entrepreneurship model will make a greater contribution than the conventional entrepreneurship model in accomplishing the Sustainable Development Goals. Poverty is a manifestation of economic rights being denied, resulting from a multitude of circumstances. In order to eliminate poverty, it is imperative to implement effective policies and initiatives. Solely focusing on entrepreneurship development is insufficient to overcome this problem. A nation's better rating in the entrepreneurial development index does not always indicate a lower poverty rate within that country. The current study's results confirm its validity. Entrepreneurship growth may somewhat alleviate poverty by creating job prospects. The current article establishes a significant correlation between the sustainable development movement and increased economic growth. Therefore, in summary, a country's policy's environmental performance directly affects its economic development. A greater environmental performance leads to higher economic growth, whereas a worse environmental performance results in lower economic growth. Collaboration among all societal stakeholders, including entrepreneurs and politicians, is recommended to effectively accomplish the Sustainable Development Goals (SD.

Institutions

Bangabasi Morning College

Categories

Economic Development, Sustainable Development, Decade of Education for Sustainable Development, Analysis of Poverty

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